tion. the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. Drausio Giacomelli/Jed Evans/Sebastian A. Brown/Gautam Kalani/Perry Kojodjojo/Mallika Sachdeva Deutsche Bank Securities Inc. Page 111 CONFIDENTIAL - PURSUANT TO FED

Drausio Giacomelli Strategist CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0093326 CONFIDENTIAL SDNY_GM_00239510 EFTA01389079

ed if 20s' amortization is not paid by Wednesday). Stay neutral South Africa as spreads price in downgrades and retain 5s10s cash curve flatteners. Drausio Giacomelli CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0089088 CONFIDENTIAL SDNY_GM_00235272 EFTA01387044

90 days you can access the report on our web site: httplig_m db_com. You have received this mail because you have subscribed to Christian Wietoska. Drausio Giacomelli. EM Macro and Strategy Focus. Geography. Asia- Pacific (EM). Discipline: Economies. Type of research: General For changes to your curer research sub

es Malcolm Henrik Gullberg George Saravelos Caio Natividade Siddharth Kapoor Oliver Harvey Nicholas Weng New York Alan Ruskin Daniel Brehon Drausio Giacomelli Guilherme Marone Mauro Roca Singapore Sameer Goel Mallika Sachdeva Sydney John Horner Tokyo Taisuke Tanaka Head of FX Strategy Bilal Hafee

rkey Figure 71: Total returns of Turkish equities versus oil price — YoY growth, both USD (%) Source: Deutsche Bank (Marc Balston, Robert Burgess, Drausio Giacomelli, Gustavo Canonero, Taimur Baig), Haver Analytics Source: Deutsche Bank, Bloomberg Finance LP Our long-standing overweight position on Turkish equ